Inani Securities Open Offer: Aikyam Seeks 26% Stake

Aikyam launches mandatory offer

Aikyam Financial Services Private Limited has announced an open offer to acquire up to 11,85,002 equity shares of Inani Securities Limited from public shareholders. The offer represents 26% of Inani Securities' fully diluted equity and voting share capital. Aikyam has offered ₹60 per equity share, with payment to be made in cash. The announcement follows a share purchase agreement signed on October 12, 2026, under which Aikyam agreed to acquire a controlling promoter stake in the company. Bonanza Portfolio Limited is acting as manager to the open offer. The offer has been made under Regulations 3(1) and 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Share purchase agreement triggers offer

The underlying transaction involves Aikyam's proposed purchase of 25,94,214 Inani Securities equity shares from the selling shareholders. Those shares represent 56.92% of the target company's equity and voting share capital. The agreed purchase price is ₹60 per share, the same as the open-offer price. The promoter-share purchase has an aggregate value of ₹15.57 crore. Since the transaction would result in Aikyam acquiring control of Inani Securities, a mandatory open offer to public shareholders has been triggered under the SEBI takeover rules. The transaction remains subject to the terms and conditions specified in the share purchase agreement and applicable approvals.

Terms of the public shareholder offer

The offer is directed exclusively at the public shareholders of Inani Securities. It covers up to 11,85,002 fully paid-up equity shares, each with a face value of ₹10. At ₹60 per share, the maximum consideration payable if the offer is fully accepted is ₹7.11 crore. The offer size is calculated on the basis of Inani Securities' fully diluted equity and voting share capital. The public announcement said that the offer price was calculated in accordance with Regulation 8(2) of the SEBI SAST Regulations. Shareholders who tender shares during the stated tendering window will be subject to the terms set out in the detailed public statement and letter of offer.

Key transaction figures

Detailed public statement filed

Inani Securities filed the detailed public statement for the open offer on October 19, 2026. The filing followed the public announcement made on October 12, 2026. The detailed public statement sets out the offer for the same 26% stake at ₹60 per share. Bonanza Portfolio Limited has been appointed as merchant banker and manager to the offer. The public announcement stated that the detailed public statement would be published within five working days of the initial announcement, in line with the applicable SEBI regulations. The detailed public statement and subsequent letter of offer are key documents for shareholders assessing the tender process and the conditions attached to the transaction.

Regulatory approvals and conditions

The acquisition is subject to applicable change-in-control approvals connected with Inani Securities' stock-broking, trading-member and depository-participant registrations. The information released on the offer also refers to approvals involving SEBI, BSE, NSE and CDSL. Completion is additionally conditional on satisfaction of the conditions precedent contained in the share purchase agreement. These conditions are material because Aikyam's proposed purchase of the promoter stake is intended to transfer control of the company. The open offer itself is a regulatory requirement arising from that proposed control acquisition. The disclosed information does not state that the transaction has been completed.

Offer timetable for shareholders

The published timetable gives public shareholders the principal dates for the offer process. November 11, 2026, is the last date for making a competing offer. The tendering period is scheduled to begin on December 7, 2026, and close on December 18, 2026. Payment of consideration is scheduled for January 4, 2027. These dates provide the current procedural framework for the offer, subject to the terms and requirements communicated through the formal offer documents. Shareholders should refer to the detailed public statement and letter of offer for the complete process.

What the offer means for investors

The proposed promoter-share acquisition would give Aikyam a 56.92% stake in Inani Securities, subject to transaction conditions and approvals. The separate open offer allows eligible public shareholders to tender shares at ₹60 each. The offer is not a purchase of all public shareholding, as it is limited to 26% of the fully diluted equity and voting capital. If tenders exceed the offered quantity, acceptance will be handled according to the applicable SEBI takeover regulations and the terms of the offer documents. The announced cash consideration gives shareholders a stated price for evaluating their participation. No financial performance forecast or future business plan has been disclosed in the information provided.

Why the transaction matters

The transaction is significant because it combines a proposed control acquisition with a mandatory public offer under India's takeover framework. The share purchase agreement and open offer are priced at the same ₹60 per share, providing a consistent disclosed price across the promoter transaction and the public offer. For Inani Securities, the regulatory approvals are particularly relevant because the company holds registrations linked to stock-broking, trading membership and depository participant operations. The announced process also gives public shareholders a defined timetable, beginning with the tender window in December 2026. The next formal milestones are the competing-offer deadline on November 11 and the scheduled commencement of tendering on December 7, 2026.